Skills Gaps and the Talent Within
The War for Talent. The War for Skills. Candidate driven market. Terms that HR Professionals no doubt hear daily. Attracting, retaining and developing talent for your business is a constant challenge for HR Teams.
Our latest Market Insights report highlights Resourcing / Talent Management and Talent Acquisition as being skills that will continue to be in high demand in 2019, particularly as 70% of organisations expect to see skills shortages as a result of the UK leaving the EU. As skills gaps become ever more apparent, we are seeing a growing trend for businesses focusing their attentions on enhancing the skillset of their current staff to ensure they continue to scale and grow at an efficient pace.
Because of this we are witnessing increased demand for Talent Management and Learning specialists, as well as increasingly complex and commercial roles with broader accountability and responsibility. However, there is an unwillingness from clients to compromise when it comes to technical skills in an increasingly candidate led market, meaning talent requisitions are remaining open for longer periods or not being filled at all.
70% of HR Candidates we surveyed stated they are unsatisfied with their current salary and 62% of candidates indicated they are likely or very likely to change jobs in the next 12 months. So, what can HR do to attract those candidates looking for a move, as well as retain their existing talent?
61% of candidates we surveyed stated that company culture was one of the most important factors when considering a new role, and 74% stated that the culture was one of the things they valued most in their current organisation. Company culture can be hard to define but it’s important to do so to ensure you attract the right talent fit for your business. 47% of employers cited company culture as one of their biggest talent attraction / retention challenges over the next 12 months. Make use of online channels such as social media and dedicated careers sites to showcase your company culture to potential hires and involve existing employees in the process.
It comes up again and again, yet many companies are still not willing to offer their staff the option to work flexibly. 44% of candidates we surveyed cited flexible working opportunities as one of the most important factors when considering a new role, and 64% stated that it was one of the things they valued most about their current organisation. There is extensive research to show the benefits of offering flexible working – better work life balance / employees feel trusted and empowered / productivity increases / costs can be reduced by requiring smaller office spaces with more people working from home – yet many businesses seem reluctant to offer it, and ultimately, they will begin to lose out on top talent in the market.
Career Progression / Expanding Skill Set
Does your business offer a structured career path? Candidates coming into your business want to know what their long-term career could look like with your organisation. Attracting new talent to your company is important for bringing innovation and new energy into the business. However, investing in your current employees is just as important, if not more so. Increasing efforts to expand and develop the skills of your existing talent and providing them with long-term career progression can result in increased employee satisfaction, engagement and retention across your organisation.
Companies that can adapt and drive these strengths within their organisation will see themselves increasingly able to attract and retain top talent. But whilst these seem like simple solutions, the reality of being able to do all the above well is challenging for the HR functions yet critical to maintaining competitive advantage.
You can download a full copy of our 2019 Market Insights and Salary Guide here.